Series 101: Tax Due Dates & Deadlines

2019 Tax Deadlines to Know – Individuals

Whether you live in the US, you’re a US Expat living abroad, or are a non-resident alien with US based income and assets, its important you know the deadlines for your US tax filings. The list below is current for 2019 calendar year taxpayers.

Individual Income Tax Return Filing, Form 1040, Form 1040-SR, Form 1040-NR:

The deadline for this filing is three months, and fifteen days after the end of the individuals tax year, which generally falls on April 15. There is potential to extend this deadline for another six months to October 15. An extension requires that the individual requesting the extension file Form 4868 on or before April 15. However, don’t be fooled by this extension of time to file—its just that. Your taxes are still due to the government no later than April 15 whether you extend your time to file by six months. Generally, if you owe tax at the time you file for an extension, your accountant will present you with a voucher to make payment to the government along with your extension filing.

• US Citizens Living Abroad: 

The 2019 tax filing deadline is moved for US citizens living abroad from April 15 to June 15. Additionally, an extension can be filed on Form 4868 to extend the filing deadline to October 15.

• COVID-19 Note: Due to the impact of COVID-19, the federal government and almost all states extended their general April 15 filing deadline to July 15. This extension of April 15 to July 15 is for filing and payments of tax. Please note that we still advise that you file your return, or extension, and make payment of your taxes due as soon as possible. 

Estimated Tax Payments:

Who is required to make estimated tax payments, you ask?

Well, individuals, including sole proprietors, partners, and S corporation shareholders, are generally required to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed. Estimated tax payments are generally due on the fifteenth day after the end of each quarter (with one exception). So, if you are a calendar year taxpayer, your estimated tax payments are due on April 15, June 15, September 15, and January 15 of the following year.

You can make your estimated tax payment by sending it with Form 1040-ES to the IRS.

• COVID-19 Note: The June 15 estimated tax payment date has also been extended to July 15.

Contribution to Retirement Plans:

April 15 of the following year is the last day to make a contribution to an traditional IRA, Roth IRA, an Health Savings Account (HAS), SEP-IRA, or solo 401(k). For example, if you realized you only met part of your traditional IRA maximum contribution limit in 2019, you can make up this difference by making the contribution no later than April 15, 2020.

• Note: If an extension on Form 4868 is filed, the contribution deadline for an SEP-IRA or solo 104(k) is moved to October 15.

Gift Tax Returns, Form 709:

Gift tax returns are required to be filed no later than April 15 of the year following the taxpayer made the gift. Who is required to file a gift tax return? Well it is any single filer who makes a gift over $15,000. For those filing married filing joint, they can make gifts up to $30,000 before being required to file a gift tax return. The annual exclusion amounts are accurate for the 2019 and 2020 tax years.

Reporting Your Interest in Foreign Trusts or Receipts of Foreign Gifts & Inheritances, Form 3520:

Individuals are required to file a Form 3520 to report their interest as a trustee or beneficiary in a foreign trust, or if an individual receives a foreign gift or inheritance in excess of $100,000 in a given tax year. Generally, Form 3520 is required to be filed by April 15. If you are a US citizen and live outside the US, this filing deadline is moved automatically to June 15. If you’re an individual who filed an extension under Form 4868 described above, this filing date is moved to October 15.

Reporting Foreign Bank Accounts, FinCen 114:

FinCen 114, better known as an “FBAR”, requires an US citizen to report their interest in foreign bank accounts if their foreign accounts have an aggregate value in excess of $10,000 at any time throughout the year. FBAR’s are generally due no later than April 15. However, an automatic extension is granted for all persons to file their FABR by October 15. No extension form is required to be filed in order to be granted this six-month extension2019